Humm Group activist investor Jeremy Raper splits from Collins Street Asset Management following EGM
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The news: Activist shareholder Jeremy Raper’s voting power in Humm Group has fallen from 9.32% to 5.74% following an extraordinary general meeting (EGM) he called to clear out its board.
This represents a disassociation with the interest held by activist ally Collins Street Asset Management following the conclusion of the EGM.
The context: Raper reached an agreement with founder and largest shareholder Andrew Abercrombie ahead of the vote that led to the founder stepping down from the board on Monday, before a formal vote on his fate was held.
The deal to end Raper’s activist campaign also saw chair Robert Hines resign. Humm appointed Rajeev Dhawan and Garry Sladden as new non-executive directors, while director Teresa Dyson replaced Hines as chair.
Abercrombie’s family office The Abercrombie Group, which holds a 29.6% stake in Humm, is expected to appoint another board representative on 1 July.
Abercrombie is still looking to appeal a Takeover’s Panel declaration of unacceptable circumstances in the High Court as prospective takeover suitor Credit Corp completes due diligence.
Correction: This briefing previously incorrectly stated that Raper’s voting power in Humm Group had fallen because he had sold his shareholding rather than dissociating with Collins Street Asset Management.
The source: ASX
